“This is up $517,551 or 104 per cent from when National took office at the end of 2008 and the average house cost $496,081.

“National has three ministers responsible for housing. Nothing they have done has slowed the skyrocketing house price rises that are locking a generation out of home ownership, or the flow on effect of rapid rent increases which are forcing some families out on the street.

“Blaming Councils, begging the Reserve Bank to take action and urging first home buyers to be patient don’t amount to a housing policy.

“John Key should use this milestone as a turning point, admit there is a housing crisis and commit to significant action to address it. Instead he’s spending today fixing up the shambles that is the Government’s housing accords legislation, something that won’t build a single house.

“The Government needs to adopt Labour’s plan to build 100,000 new affordable homes for first home buyers, crack down on speculators and build more state houses rather than selling them off,” Andrew Little says.